How Insurica simplifies its growth business
Compliance officers are often unsung heroes in the insurance industry, fighting spreadsheets to help transfer insurance agents into ready-made sales, which historically has been as much as any other insurance business in insurance companies.
In fact, Insurica may exceed its due share. The company is working on nearly all authority in multiple states and has been positioned to accelerate growth with rapid acquisitions. However, historically, each acquisition means that the acquisition business continues to operate in the silo, while the core business gradually transitions to paperwork. This once made it difficult for Insurica to evaluate the return on investment (ROI) of new business entities.
By integrating its compliance and operations into a single centralized view, Insurica:
- Implementing Adcentsync in less than four months solidifies the technology stack required for company licensing, onboarding and ongoing compliance.
- Increased its producer-to-admin ratio and eventually moved to a single person responsible for compliance and reporting.
- By using the printable license view feature, profit and damage (P&L) statements are improved by increasing the errored license rate to zero, savings on late renewal fees and savings on late renewal fees.
To learn more about how insurers use Admentync to impact bottom lines, download the case study.
The situation of centralization
For insurers, ongoing compliance, onboarding and producer licensing are the processes each corporate entity handles, meaning the company may have 20 different ways of doing things. This is not ideal for several reasons:
- Change management risks
- Regulatory risks
- Transparency and ROI
- Bring value to acquisitions
- Obtain complexity
Compliance responsibility is attributed to multiple team members who are running spreadsheets, tools, and spreadsheets to use to run spreadsheets, tools that are part-time or temporary. In some institutions, manufacturers manage their own licenses. Each producer may be licensed in multiple states, some are actually paying for their licenses and being reimbursed through expense reports.
“Everything is manual. Some colleagues handle their licenses separately, while others handle them internally. We are doing a lot of manual tracking of spreadsheets and paper documents.”
Katie Meyer, insurance company licensing and compliance expert
Prepare for cooperation
Insurica in the next few Decadesso the company needs a distribution channel management platform that can help them advance their onboarding and compliance processes to a digital forwarding platform, while committing to a long-term vision.
“We looked at another platform or two and they didn’t feel as powerful as Admentync… Admentync took the time to understand what we needed before coming up with a solution.”
– Kevin Wellfare, Vice President of Agency Development, Insurance Company
Multiple authoritative work across insurance, working in many states, and continuing to bring new institutions on board: these factors present small challenges. If at the end of the day, the merger operation doesn’t mean too much, the company simply assumes the compliance costs and risks of breaking and puts it in one place. Hope it is to develop towards a better and more efficient state.
Download the case study to learn more about how insurers merge their licenses and compliance operations.
Future health and growth
Centralized licensing, compliance and insurance producer licensing are part of the insurance company’s roadmap, namely, maintaining its legacy as a business that is provided to partners and clients. The company hopes to keep moving forward, which is a legacy that can better deliver with ActentSync in its technology stack.
Katie Meyer, an insurance company licensing and compliance expert, noted that when she first launched Agentsync’s management platform, she had been following the spreadsheets in case ActentSync was too good to achieve. But now she only uses them for history, for months and hasn’t looked at a unit.
Download the case study and learn more about allegations about how insurers lead centralized services in their business entities, preventing future licensing and compliance services. Spoiler: They are already innovating the boarding process of manufacturers to make their sales areas and market conditions change and make themselves very versatile.
“We can confidently make more acquisitions than ever before, providing them with state-of-the-art licensing and compliance services…We are reducing complexity. We are more innovative because we make this visibility compliant.”
– Kevin Wellfare, Vice President of Agency Development, Insurance Company
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